@TaxGuyBill please help! I'm interested in selling my rental house and wanted to see if the rules are still the same.
We bought a house in Austin, TX in 2007. During the last five years we've rented the house, then lived in it for 18 months, got a new job in Los Angeles, CA, and by July will have been renting the house for three years.
If I sell the house, will I qualify for a pro-rated capital gains exemption?
Will I only need to pay the recapture depreciation tax?
Any insight would be much appreciated.
